Kuala Lumpur: The long running takeover of MISC by energy giant Petroliam Nasional Bhd (Petronas) has failed.
On Friday evening MISC announced to Bursa Malaysia that Petronas had notched up 86.07% of the company’s shares, 4% short of the 90% required to make the offer unconditional.
Petronas had been forced to raise its offer on MISC twice in its five month pursuit to take the line private, but will now have to wait a full six months until it can make a new offer for the company.
Shares in MISC have plummeted more than 10% on the news, falling to MYR4.75 in morning trading. [22/04/13]